FirstMerit Corp. of Akron said Thursday that it earned $31.2 million in the fourth quarter, 9.9% more than a year earlier.
Diluted earnings per share were 38 cents, up 15.2%.
Full-year earnings rose 29.8%, to $134 million; the per-share figure, $1.60, was up 32.2%. FirstMerit missed the average of analysts' estimates for the quarter and the year by 3 cents a share.
The $10.2 billion-asset company attributed the earnings increase to fee income, which rose 20.8% in the quarter, to $47.6 million, and 9.3% in the year, to $190 million. Interest income declined 1.7% in the quarter, to $76.6 million, but rose 12.2% in the year, to $311 million.
First Merit said that it added $10.9 million to its loan-loss reserves in the fourth quarter but that the yearend total, $38.4 million, was down 48% from a year earlier.
